Markets are playing a little fakeout today with some decent action in the major indexes. The IWM is down 0.5%, while the others are essentially flat.
That’s not much of a surprise given the record run we’ve seen. Even a pullback for a few days would be completely normal. That’s why you want to keep your trades small and profits fast. There’s no reason to expose yourself unnecessarily.
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The VIX and VVIX are up a bit today. Between the two, the VVIX indicates more of a top in equities than the VIX.
VVIX daily chart
Interestingly, we haven’t broken down below the large bull candle from early December. That may just be folks buying protection against the market run with VIX calls. You see that happen this time of year.